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Economy

Many businesses in Vinh City are returning their leased premises just before Tet (Lunar New Year).

Quang An - Nguyen Hai • January 4, 2025 14:13

The period leading up to Tet (Lunar New Year) is a peak business season; however, on major streets in Vinh City, many shops are currently closed and have stopped trading.

Clip: Quang An - Nguyen Hai

According to our reporter's observations, many shops on major roads in Vinh City such as Le Loi, Nguyen Van Cu, Le Nin Boulevard, Le Hong Phong... are currently closed or have ceased business. Photo: QA

Along Nguyen Van Cu Street – the busiest commercial street in Vinh City – numerous signs advertising kiosks, commercial spaces, and houses for rent are posted to attract tenants during the Tet holiday season, but few people are interested. (Photo: QA)

Reportedly, rental prices for commercial spaces on Nguyen Van Cu Street are among the highest in Vinh City. Rent ranges from 10 to 50 million VND per month, depending on location and size, with a minimum lease term of 6 months and upfront payment required. This is a price level that is very difficult for tenants to access in the current challenging business environment. (Photo: N. Hai)

bna_moi(1).jpg — The image shows a shop space on Nguyen Van Cu Street with an area of 75m2, rented for 15 million VND/month. The previous owner returned the space due to poor business. The landlord has now renovated the space and is looking for a new tenant. Photo: QA

làm việc — Many prime office and commercial spaces for rent along Le Nin Boulevard are also facing a similar lack of tenants. Photo: N. Hai

siêu thị — At supermarkets and shopping malls in Vinh City, the number of shoppers is also trending downwards, resulting in many business locations remaining vacant. Photo: N. Hai

lê hồng phong 1 — Currently, Vinh City is focusing on renovating and upgrading roads. Once completed, these improvements will create more favorable conditions for people to conduct business and trade, helping to alleviate the current sluggish situation. In the photo: Le Hong Phong Street is being renovated and widened. Photo: Q.An

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Many businesses in Vinh City are returning their leased premises just before Tet (Lunar New Year).

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